SAN ANTONIO, Sept. 05, 2025 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT), a global provider of hybrid cloud and AI solutions, today announced that on September 4, 2025, the Company granted inducement equity awards to Gajen Kandiah in connection with his appointment as the Company's new Chief Executive Officer.
Mr. Kandiah received 4,000,000 restricted stock units (RSUs) and non-qualified stock options to purchase 6,000,000 shares of the Company's common stock. The stock options have an exercise price of $1.30 per share, which is equal to the closing price of the Company's common stock on the grant date, and a maximum ten-year term. The RSUs and stock options vest in equal annual installments on each of September 3, 2026, 2027, 2028 and 2029, generally subject to Mr. Kandiah's continued employment through the respective vesting dates.
In accordance with Nasdaq Listing Rule 5635(c)(4), the equity awards were an inducement material to Mr. Kandiah's entering into employment with the Company. The awards were approved by a majority of the independent members of the Company's board of directors outside of the Company's shareholder-approved equity incentive plan.
About Rackspace Technology
Rackspace Technology is a leading provider of end-to-end hybrid multicloud technology services and AI solutions company. We design, build, and operate our customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products, and adopt innovative technologies.
IR Contact
Sagar Hebbar
ir@rackspace.com
PR Contact
Cheryl Amerine
publicrelations@rackspace.com
